If you are preparing for an accounting aptitude test or even a job interview, these accounting questions and answers will help you master the principles of accounting. This test covers accounting past questions from WAEC, JAMB, Post UTME exams and many more.
A partnership’s internal regulation are set out by________
A constitution
A law
A deed
An article
Correct answer is C
A partnership deed is a written agreement among the partners specifying rules and regulations and is signed by all the partners and stamped as per stamp act with an aim to prevent possible disputes and disagreements among the partners at future dates.
In the absence of a partnership deed, the act stipulates that____________
An amount should be fixed as salaries for partners
Profits and losses should not be shared equally
Interest on partner’s loan should be 25%
Interest should not be allowed on partners drawings
Correct answer is D
Under the Partnership Act, the following rules will be applied in the absence of an agreement among partners:
i. Profit or losses of the firm will be shared equally by the partners
ii. Interest on capital will not be allowed to any partner.
iii. No interest will be charged on drawings
iv. Interest on loan will be 6% on the loan
v. No salary or remuneration will be allowed to any of the partners
vi. Every partner must take part in the management of the partnership business
vii. The partnership books are kept at the place of business of the partnership and every partner may have access to and inspect and copy any of them.
Which of the following should not be adjusted for in the profit and loss account?
Accruals
Inventory
Subscription
Depreciation
Correct answer is C
No explanation has been provided for this answer.
₦705
₦500
₦1000
₦10000
Correct answer is A
No explanation has been provided for this answer.
In dealing with incomplete record, fixed assets are posted to___________
Profit and loss account as brought forward figure
Closing balance sheet as carried forward figure
Closing balance sheet as brought forward figure
Profit and loss as carried forward figure
Correct answer is C
Fixed asset are brought forward in closing balance sheet.